Market Commentary and Intraday News
Largest Philippine miner suspends gold mining
289 days ago
(AP:MANILA, Philippines) The Philippines' largest mining company has suspended operations at its northern gold mine after waste leaked from a storage pond.
Philex Mining Corp. vice president Michael Toledo said Friday the discharge came after two recent typhoons that caused an "unusual accumulation" of rainwater in the tailings pond of its Padcal Mine in Benguet province.
He said the company stopped operations on Wednesday after sediment and water were found leaking from one of two underground tunnels that normally drain only clear water from the pond.
The leak was plugged early Friday and the discharge is safe and non-toxic, he added.
Toledo said the company has enough ore to ship until next week and will not resume operations until "everything is in order."
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